FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

By Jamie Saettele, CMT | DailyFX – Tue, Dec 11, 2012 7:40 AM SGT

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RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.7860-0.00

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has headed straight up since 8170. Given the reaction at channel resistance Thursday and Friday’s inside day, there is the possibility that the advance from 8052 composes wave B of a triangle or flat that began on 9/28. That scenario is not viewed as probable as long as price is above 8170 however. A Fibonacci confluence and August 2011 high intersects with a channel at the end of December

FOREXTrading Strategy: Weakness to or below 8300 would present an opportunity to buy against 8170 for a move towards 8550 by the end of the year.

LEVELS: 8237 8267 8308 8355 8400 8472

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Market Data

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    3.58-0.11-2.98%
    Z74.SI
    0.56-0.01-1.75%
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    1.420.07+5.19%
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